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Suspicious Activity Reports Examined
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February 26, 2009
Almost 900 depository institutions filed 62,084 suspicious activity reports (SAR) related to suspected mortgage fraud between July 1, 2007 and June 30, 2008. More than half of those reports were filed by only 10 of those lending institutions.
The Financial Crimes Enforcement Network (FinCEN) report, as examined by MortgageDaily.com, revealed some interesting information surrounding SARs. Beginning with the fact that suspicious activity incidents relative to mortgage fraud have climbed by almost 19,000 from the 12-month period prior, and nearly double from the year prior ending June, 2006.
SAR reports are filed with the Federal Bureau of Investigation. About 8 percent of those reports filed referenced a repurchase demand, which suggests that the discovery of fraudulent activity was not discovered until a buyback was requested.
Read story at MortgageDaily.com
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